<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
ANNUAL REPORT
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1997
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 1-13884
A. Full title of the Plan and the address of the Plan, if different from
that of the issuer named below:
INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER
CAMERON CORPORATION HOURLY EMPLOYEES, IAM,
AT THE SUPERIOR PLANT
B. Name of issuer of the securities held pursuant to the Plan and the
address of the principal executive office:
COOPER CAMERON CORPORATION
515 Post Oak Boulevard, Suite 1200
Houston, Texas 77027
<PAGE> 2
INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER
CAMERON CORPORATION HOURLY EMPLOYEES, IAM,
AT THE SUPERIOR PLANT
Page
Report of Independent Public Accountants 1
Audited Financial Statements
Statements of Net Assets Available for Benefits 2
Statement of Changes in Net Assets Available for Benefits 4
Notes to Financial Statements 5
Signature 26
Consent of Independent Public Accountants 27
<PAGE> 3
FINANCIAL STATEMENTS
COOPER CAMERON CORPORATION SELECTED
INDIVIDUAL ACCOUNT RETIREMENT PLANS
DECEMBER 31, 1997 AND 1996
<PAGE> 4
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Financial Statements
December 31, 1997 and 1996
CONTENTS
<TABLE>
<S> <C>
Report of Independent Auditors...........................................................................1
Audited Financial Statements
Statements of Net Assets Available for Benefits..........................................................2
Statement of Changes in Net Assets Available for Benefits................................................4
Notes to Financial Statements............................................................................5
</TABLE>
<PAGE> 5
Report of Independent Auditors
Participants and Administrator
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
We have audited the accompanying statements of net assets available for benefits
of the Cooper Cameron Corporation Selected Individual Account Retirement Plans,
listed on pages 2 and 3, at December 31, 1997 and 1996, and the related
statement of changes in net assets available for benefits for the year ended
December 31, 1997. These financial statements are the responsibility of the
Plans' management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements of the Cooper Cameron Corporation
Selected Individual Account Retirement Plans referred to above present fairly,
in all material respects, the net assets available for benefits of the Plans at
December 31, 1997 and 1996, and changes in their net assets available for
benefits for the year ended December 31, 1997, in conformity with generally
accepted accounting principles.
June 29, 1998
1
<PAGE> 6
Cooper Cameron Corporation Selected Individual Account Retirement Plans
Statements of Net Assets Available for Benefits
December 31, 1997
<TABLE>
<CAPTION>
PLAN INTEREST IN
COOPER CAMERON
CORPORATION
MASTER TRUST FOR
EMPLOYER EMPLOYEE DEFINED NET ASSETS
PLAN CONTRIBUTIONS CONTRIBUTIONS CONTRIBUTION PLANS AVAILABLE FOR
NO. PLAN NAME RECEIVABLE RECEIVABLE (Notes 1 and 2) BENEFITS
---- --------- ---------- ---------- --------------- -------------
<S> <C> <C> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Buffalo,
New York Plant $ 32,948 $ 45,779 $ 6,466,160 $ 6,544,887
006 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Grove
City Facility 51,473 49,655 15,612,125 15,713,253
007 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation
Missouri City, Texas Facility 36,442 34,298 7,344,404 7,415,144
008 Individual Account Retirement Plan for Hourly-Paid
Employees at the Cooper Cameron Corporation Mount
Vernon Plant 112,736 104,669 16,971,920 17,189,325
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant 9,863 21,204 2,839,927 2,870,994
</TABLE>
See accompanying notes.
2
<PAGE> 7
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Statements of Net Assets Available for Benefits (continued)
December 31, 1996
<TABLE>
<CAPTION>
PLAN INTEREST IN
COOPER CAMERON
CORPORATION
MASTER TRUST FOR
DEFINED
CONTRIBUTION PLANS
EMPLOYER EMPLOYEE FIXED INCOME NET ASSETS
PLAN CONTRIBUTIONS CONTRIBUTIONS FUND AVAILABLE FOR
NO. PLAN NAME RECEIVABLE RECEIVABLE (Notes 1 and 2) BENEFITS
---- --------- ---------- ---------- --------------- -------------
<S> <C> <C> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Buffalo,
New York Plant $ 31,738 $ 29,987 $ 4,873,726 $ 4,935,451
006 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Grove
City Facility 42,508 38,737 15,266,907 15,348,152
007 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Missouri
City, Texas Facility 32,337 21,982 6,817,077 6,871,396
008 Individual Account Retirement Plan for Hourly-Paid
Employees at the Cooper Cameron Corporation Mount
Vernon Plant 103,310 77,441 13,162,704 13,343,455
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant 18,537 10,442 2,402,981 2,431,960
</TABLE>
See accompanying notes.
3
<PAGE> 8
Cooper Cameron Corporation Selected
Individual Account Retirement Plans
Statements of Changes in Net Assets Available for Benefits
Year ended December 31, 1997
<TABLE>
<CAPTION>
NET ASSETS
AVAILABLE FOR
PLAN BENEFITS AT EMPLOYER EMPLOYEE BENEFIT
NO. PLAN NAME JANUARY 1, 1997 CONTRIBUTIONS CONTRIBUTIONS PAYMENTS
- ---- --------- --------------- ------------- ------------- --------
<S> <C> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Buffalo, New York Plant $ 4,935,451 $ 411,986 $ 545,344 $ (139,454)
006 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Grove City Facility 15,348,152 569,217 530,251 (1,755,935)
007 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Missouri City, Texas Facility 6,871,396 433,457 353,358 (649,913)
008 Individual Account Retirement Plan for Hourly-Paid
Employees at the Cooper Cameron Corporation Mount
Vernon Plant 13,343,455 1,413,737 1,269,785 (550,371)
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant 2,431,960 230,420 147,527 (77,422)
<CAPTION>
NET INVESTMENT
GAIN FROM
COOPER CAMERON
CORPORATION MASTER
TRUST FOR DEFINED OTHER NET ASSETS
CONTRIBUTION PLANS CHANGES IN AVAILABLE FOR
PLAN (NET OF EXPENSES) NET ASSETS BENEFITS AT
NO. PLAN NAME (Notes 1 and 2) (Note 5) December 31, 1997
- ---- --------- ------------------ ---------- -----------------
<S> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Buffalo, New York Plant $ 792,803 $ (1,243) $ 6,544,887
006 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Grove City Facility 1,076,388 (54,820) 15,713,253
007 Individual Account Retirement Plan for Bargaining
Unit Employees at the Cooper Cameron Corporation
Missouri City, Texas Facility 451,638 (44,792) 7,415,144
008 Individual Account Retirement Plan for Hourly-Paid
Employees at the Cooper Cameron Corporation Mount
Vernon Plant 1,910,462 (197,743) 17,189,325
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant 168,771 (30,262) 2,870,994
</TABLE>
See accompanying notes.
4
<PAGE> 9
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements
December 31, 1997
1. SIGNIFICANT ACCOUNTING PRINCIPLES
ACCOUNTING PRINCIPLES
The accompanying financial statements of the Cooper Cameron Corporation (the
"Company") Selected Individual Account Retirement Plans (the "Plans") have been
prepared on the accrual basis of accounting in accordance with generally
accepted accounting principles.
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect amounts reported in the financial statements and accompanying notes. Such
estimates and assumptions could change in the future as more information becomes
known, which could impact the amounts reported and disclosed herein.
Benefit payments to participants are recorded upon distribution.
INVESTMENTS
At December 31, 1996, investments of the Plans consisted of beneficial interests
in the Company's Fixed Income Fund, which is a separate investment account of
the Cooper Cameron Corporation Master Trust for Defined Contribution Plans (the
"Master Trust"), as described in Note 2.
Effective January 1, 1997 for Plans 005 and 008, July 1, 1997 for Plans 006 and
007 and December 30 for Plan 010, the following investment options were added:
(1) Fidelity Growth Company Fund, (2) Money Market Fund, (3) Stock Market Fund,
(4) Vanguard Balanced Index Fund, and (5) an option for employees to invest in
the Company's common stock ("Company Stock Fund"). Prior to the above dates the
only fund option available for participants was the Fixed Income Fund.
At December 31, 1997, investments of the Plans consisted of beneficial interests
in the following separate investment accounts of the Master Trust: Company Stock
Fund, Fidelity Growth Company Fund, Fixed Income Fund, Money Market Fund, Stock
Market Fund, and Vanguard Balanced Index Fund (collectively, the "Funds"), as
described in Note 2. The Plans' beneficial interest percentages in each
investment account at December 31, 1997 and 1996 are disclosed in Note 8.
5
<PAGE> 10
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
1. SIGNIFICANT ACCOUNTING PRINCIPLES (CONTINUED)
The Funds' security transactions are accounted for on the date the securities
are purchased or sold. Investment income is recorded as earned.
The Funds' investments in securities traded on the exchanges are valued at the
last reported sale price on the valuation date. Securities not listed on
exchanges and securities for which no sale was reported on that day are valued
at the last quoted bid price or at fair value as determined by the trustee.
Investments in The Chase Manhattan Bank, N.A. Pooled Investment Trust for
Employee Benefit Plans II - Cash Investment Fund ("Chase Cash Investment Fund")
are stated at cost, which approximates fair value. The Chase Manhattan Bank,
N.A. S&P 500 Index Fund ("Chase S&P 500 Index Fund") is stated at fair market
value as determined by the trustee based upon the quoted market values of the
underlying assets.
Investment contracts within the Fixed Income Fund, with varying contract rates
and maturity dates, are stated at contract value. Contract value represents cost
plus accrued income reduced for any reductions in the estimated value of the
investment contract.
Although it is management's intention to hold the investment contracts in the
Fixed Income Fund until maturity, certain investment contracts provide for
adjustments to contract value for withdrawals made prior to maturity.
FUNDING POLICY
The Company contributes to each participant's account monthly based on hours
actively worked and specific contribution rates. This contribution is also paid
for each hour of overtime, vacation, or holiday, but excludes sick time for
which the employee may be paid. Company contributions are made to the fund
option that the employee elected. Vesting in employer contributions is on a
graduated scale with 100% at five years.
Amounts which are forfeited due to a participant's termination of employment
prior to vesting in employer contributions made on the participant's behalf are
used to reduce the required Company contribution in subsequent periods.
6
<PAGE> 11
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
1. SIGNIFICANT ACCOUNTING PRINCIPLES (CONTINUED)
All Plans allow for employee contributions based on hours actively worked and
elected contribution rates. Electing to contribute is completely voluntary, and
these contributions are immediately 100% vested. Participants may elect to have
their contributions allocated in 1% increments to one or more of the following
funds within the Master Trust: Stock Market Fund, Money Market Fund, Fixed
Income Fund, Fidelity Growth Company Fund, Vanguard Balanced Index Fund, or the
Company Stock Fund ("allocable funds"). Allocations among the funds may be
changed at the participant's discretion on a daily basis.
2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST
The purpose of the Funds is the collective investment of the assets of
participating employee benefit plans of the Company. The Funds' assets are
allocated among participating plans by assigning to each plan those transactions
(primarily contributions and benefit payments) which can be specifically
identified and allocating among all plans, in proportion to the fair value of
the assets assigned to each plan, the income and expenses resulting from the
collective investment of the assets of the Funds. Certain funds include assets
of other employee benefit plans in addition to those included in these financial
statements.
7
<PAGE> 12
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST
(CONTINUED)
The following table presents the fair value of investments for the separate
investment accounts of the Master Trust:
<TABLE>
<CAPTION>
FIDELITY VANGUARD
COMPANY GROWTH FIXED MONEY STOCK BALANCED
STOCK COMPANY INCOME MARKET MARKET INDEX
December 31, 1997 FUND FUND FUND FUND FUND FUND
------------ ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Assets:
Accrued investment income $ 9,336 $ -- $ 47,042 $ 71,465 $ 90,190 $ --
Investments at fair value as determined by
quoted market prices:
Chase Cash Investment Fund 1,786,660 -- 12,699,017 14,766,289 1,057,597 --
Chase S&P 500 Index Fund -- -- -- -- 59,303,072 --
Cooper Cameron Corporation common stock 107,599,486 -- -- -- -- --
Fidelity Growth Company Fund -- 16,795,005 -- -- -- --
Vanguard Balanced Index Fund -- -- -- -- -- 18,723,573
Investments at estimated fair value or
contract value:
Investment contracts -- -- 63,089,937 -- -- --
------------ ----------- ----------- ----------- ----------- -----------
Total investments 109,386,146 16,795,005 75,788,954 14,766,289 60,360,669 18,723,573
------------ ----------- ----------- ----------- ----------- -----------
Net assets available to participating plans $109,395,482 $16,795,005 $75,835,996 $14,837,754 $60,450,859 $18,723,573
============ =========== =========== =========== =========== ===========
</TABLE>
8
<PAGE> 13
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST
(CONTINUED)
The following table presents the fair value of investments for the Fixed Income
Fund:
December 31, 1996
<TABLE>
<S> <C>
Assets:
Accrued investment income $ 61,903
Investments at fair value as determined by
quoted market prices:
Chase Cash Investment Fund 14,139,245
Investments at contract value:
Investment contracts 80,410,842
-----------
Total investments 94,550,087
-----------
Net assets available to participating plans $94,611,990
===========
</TABLE>
9
<PAGE> 14
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST
(CONTINUED)
Investment income and net appreciation in fair value of investments for the
separate investment accounts of the Master Trust are as follows:
<TABLE>
<CAPTION>
FIDELITY VANGUARD
COMPANY GROWTH FIXED MONEY STOCK BALANCED
STOCK COMPANY INCOME MARKET MARKET INDEX
YEAR ENDED DECEMBER 31, 1997 FUND FUND FUND FUND FUND FUND
----------- ---------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net appreciation in fair value of investments as
Determined by quoted market prices:
Chase S&P 500 Index Fund $ -- $ -- $ -- $ -- $14,819,576 $ --
Cooper Cameron Corporation common stock 31,529,639 -- -- -- -- --
Fidelity Growth Company Fund -- 937,023 -- -- -- --
Vanguard Balanced Index Fund -- -- -- -- -- 2,243,989
----------- ---------- ---------- ----------- ----------- ----------
31,529,639 937,023 -- -- 14,819,576 2,243,989
Interest and dividends 57,675 1,606,702 5,703,343 776,912 1,116,508 688,408
----------- ---------- ---------- ----------- ----------- ----------
$31,587,314 $2,543,725 $5,703,343 $ 776,912 $15,936,084 $2,932,397
=========== ========== ========== =========== =========== ==========
</TABLE>
Investment income related to the Fixed Income Fund for the year ended December
31, 1996 totaled $5,994,492.
10
<PAGE> 15
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST
(CONTINUED)
The Fixed Income Fund invests in actively managed structured bank and insurance
company investment contracts ("SIC contracts") and in guaranteed investment
contracts ("GIC contracts"). The GIC contracts are promises by insurance
companies or a bank to repay the principal plus accrued income at contract
maturity. SIC contracts differ from GIC contracts in that the assets supporting
the SIC contract are owned by the Master Trust. The bank or insurance company
issues a wrapper contract that allows participant directed transactions to be
made at contract value. Wrapper contracts are valued as the difference between
the fair value of the supporting assets and the contract value. The assets
supporting the SIC contracts owned by the Master Trust are comprised of
corporate bonds and common trust funds with a fair value of $27,501,143 and
$24,064,407 at December 31, 1997 and 1996, respectively. The value of the
wrapper contract at December 31, 1997 and 1996 is $(432,081) and $(118,463),
respectively.
Interest crediting rates on the contracts in the Fixed Income Fund are generally
determined at the time of purchase. At December 31, 1997 the interest crediting
rates for all contracts ranged from 5.5% to 9.5%. At December 31, 1996 the
interest crediting rates for all contracts ranged from 4.5% to 9.5%.
The following table summarizes investment contracts held by the Fixed Income
Fund that exceeded 5% of net assets of the fund at December 31.
<TABLE>
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
Commonwealth Life $ 3,660,136 $ 4,397,055
Hartford Life $ 5,989,059 $ 6,381,733
New York Life $ 9,731,106 $ 9,680,080
National Westminister $16,129,705 $16,115,169
Peoples Security $10,939,359 $ 7,830,775
Protective Life $ 5,137,497 $ 6,688,754
Transamerica Occidental $ 4,256,439 $ 5,157,193
Canada Life $ -- $ 4,729,254
Confederation Life $ -- $ 5,309,335
Life of Georgia $ -- $ 4,563,184
</TABLE>
11
<PAGE> 16
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
2. SEPARATE INVESTMENT ACCOUNTS OF THE COOPER CAMERON CORPORATION MASTER TRUST
(CONTINUED)
For 1997 and 1996, the average annual yield for the investment contracts in the
Fixed Income Fund was 6.6% and 6.1%, respectively. At December 31, 1997 and
1996, fair value of the investment contracts in the Fund was estimated to be
approximately 101% of contract value. Fair value was estimated by discounting
the weighted average of the Fund's cash flows at the then-current interest
crediting rate for a comparable maturity investment contract.
3. DESCRIPTION OF THE PLANS
Each of the Plans is a profit sharing plan which provides payments to eligible
employees of the respective plans at termination, retirement, death, or
disability.
Should the Plans terminate, the assets will be distributed according to the
total amount in each participant's account, including earnings thereon less
related benefits and expenses. Distributions shall be made as soon as
practicable to members or their beneficiaries by payments in lump sum.
Information about the Plans, the funding, vesting, and benefit provisions is
contained in each Plan's Summary Plan Description. Copies of these pamphlets are
available at the Company's corporate office.
Effective October 1, 1997 all Plans were amended to allow for rollover
contributions.
4. INCOME TAX STATUS
The Plans have been designed to meet the requirements of the Internal Revenue
Code ("IRC") under Sections 401(a) and 501(a) and, therefore, are not subject to
tax under present income tax laws. Once qualified, the Plans are required to
operate in conformity with the IRC to maintain their qualifications. A favorable
determination has been obtained for each of the Plans in which the Internal
Revenue Service stated that each Plan, as then designed, was in compliance with
the applicable requirements of the IRC. All Plans have been amended since
receiving their determination letters. However, the Company believes that the
Plans are currently designed and being operated in compliance with the
applicable requirements of the IRC.
12
<PAGE> 17
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
5. OTHER CHANGES IN NET ASSETS
For the year ended December 31, 1997, net asset admissions/withdrawals represent
the following:
<TABLE>
<CAPTION>
NET TRANSFERS OF PARTICIPANTS' ACCOUNT
BALANCES TO THE COOPER CAMERON
PLAN NO. CORPORATION RETIREMENT SAVINGS PLAN OTHER TOTAL
-------- ----------------------------------- ---------- ------------
<S> <C> <C> <C>
005 $ (29,616) $ 28,373 $ (1,243)
006 $ (54,629) $ (191) $ (54,820)
007 $ (44,792) $ - $ (44,792)
008 $ (143,825) $ (53,918) $ (197,743)
010 $ (30,262) $ - $ (30,262)
</TABLE>
6. YEAR 2000 ISSUE (UNAUDITED)
The Company developed a plan to modify its internal information technology to be
ready for the year 2000 and has begun converting critical data processing
systems. The project also includes determining whether third-party service
providers have reasonable plans in place to become year 2000 compliant. The
Company currently expects the project to be substantially complete by early
1999. The Company does not expect this project to have a significant effect on
the Plans' operations.
13
<PAGE> 18
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following is a reconciliation of net assets available for benefits and
benefits paid to participants per the financial statements to the Form 5500 at
December 31, 1997:
<TABLE>
<CAPTION>
NET ASSETS
AVAILABLE FOR AMOUNTS NET ASSETS
BENEFITS PER THE ALLOCATED TO AVAILABLE FOR
FINANCIAL WITHDRAWING BENEFITS PER
PLAN NO. PLAN NAME STATEMENTS PARTICIPANTS FORM 5500
-------- --------- --------------- ------------ ---------------
<S> <C> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Buffalo,
New York Plant $ 6,544,887 $ - $ 6,544,887
006 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Grove
City Facility $ 15,713,253 $ (36,319) $ 15,676,934
007 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Missouri
City, Texas Facility $ 7,415,144 $ (780) $ 7,414,364
008 Individual Account Retirement Plan for Hourly-Paid Employees
at the Cooper Cameron Corporation Mount Vernon Plant $ 17,189,325 $ - $ 17,189,325
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant $ 2,870,994 $ (242) $ 2,870,752
<CAPTION>
LESS AMOUNTS
BENEFITS PAID TO ALLOCATED TO
PARTICIPANTS PER WITHDRAWING
THE FINANCIAL PARTICIPANTS AT
PLAN NO. PLAN NAME STATEMENTS DECEMBER 31, 1996
-------- --------- ------------- -----------------
<S> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Buffalo,
New York Plant $ 139,454 $ -
006 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Grove
City Facility $ 1,755,935 $ (22,267)
007 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Missouri
City, Texas Facility $ 649,913 $ -
008 Individual Account Retirement Plan for Hourly-Paid Employees
at the Cooper Cameron Corporation Mount Vernon Plant $ 550,371 $ (34,087)
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant $ 77,422 $ -
<CAPTION>
PLUS AMOUNTS
ALLOCATED TO
WITHDRAWING BENEFITS PAID TO
PARTICIPANTS AT PARTICIPANTS PER
PLAN NO. PLAN NAME DECEMBER 31, 1997 FORM 5500
-------- --------- ----------------- ----------------
<S> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Buffalo,
New York Plant $ - $ 139,454
006 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Grove
City Facility $ 36,319 $ 1,769,987
007 Individual Account Retirement Plan for Bargaining Unit
Employees at the Cooper Cameron Corporation Missouri
City, Texas Facility $ 780 $ 650,693
008 Individual Account Retirement Plan for Hourly-Paid Employees
at the Cooper Cameron Corporation Mount Vernon Plant $ - $ 516,284
010 Individual Account Retirement Plan for Cooper Cameron
Corporation Hourly Employees, IAM, at the Superior
Plant $ 242 $ 77,664
</TABLE>
14
<PAGE> 19
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
7. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 (CONTINUED)
The following is a reconciliation of net assets available for benefits per the
financial statements to the Form 5500 at December 31, 1996:
<TABLE>
<CAPTION>
NET ASSETS
AVAILABLE FOR AMOUNTS NET ASSETS
BENEFITS PER ALLOCATED TO AVAILABLE FOR
THE FINANCIAL WITHDRAWING BENEFITS PER
PLAN NO. PLAN NAME STATEMENTS PARTICIPANTS FORM 5500
-------- --------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
005 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Buffalo, New York Plant $ 4,935,451 $ - $ 4,935,451
006 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Grove City Facility $ 15,348,152 $ (22,267) $ 15,325,885
007 Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Missouri City, Texas Facility $ 6,871,396 $ - $ 6,871,396
008 Individual Account Retirement Plan for Hourly-Paid Employees at the
Cooper Cameron Corporation Mount Vernon Plant $ 13,343,455 $ (34,087) $ 13,309,368
010 Individual Account Retirement Plan for Cooper Cameron Corporation Hourly
Employees, IAM, at the Superior Plant $ 2,431,960 $ - $ 2,431,960
</TABLE>
15
<PAGE> 20
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
Individual Account Retirement Plan for Bargaining Unit Employees
at the Cooper Cameron Corporation Buffalo, New York Plant (Plan No. 005)
Statements of Net Assets Available for Benefits
8. FUND INFORMATION
Fund information for each of the plans is as follows:
<TABLE>
<CAPTION>
PLAN INTEREST PLAN INTEREST
PERCENTAGE IN PERCENTAGE IN
COOPER CAMERON COOPER CAMERON
CORPORATION MASTER CORPORATION MASTER
TRUST FOR DEFINED TRUST FOR DEFINED
CONTRIBUTION PLANS CONTRIBUTION PLANS
FUNDS AT FUNDS AT
DECEMBER 31, 1997 DECEMBER 31, 1997 DECEMBER 31, 1996
(NOTES 1 AND 2) 1997 1996 (NOTES 1 AND 2)
----------------- ---- ---- -------------------
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Employer $ 32,948 $ 31,738
Employee 45,779 29,987
-------------- --------------
Total contributions receivable 78,727 61,725
Plan interest in Cooper Cameron Corporation Master
Trust for Defined
Contribution Plans (Notes 1 and 2):
Company Stock Fund 0.955% 1,045,144 - -
Fidelity Growth Company Fund 2.716% 456,114 - -
Fixed Income Fund 2.105% 1,595,979 4,873,726 4.939%
Money Market Fund 2.622% 388,982 - -
Stock Market Fund 2.186% 1,321,261 - -
Vanguard Balanced Index Fund 8.859% 1,658,680 - -
-------------- --------------
Total Plan interest in Master Trust 6,466,160 4,873,726
-------------- --------------
Net assets available for benefits $ 6,544,887 $ 4,935,451
============== ==============
</TABLE>
See accompanying notes.
16
<PAGE> 21
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Grove City Facility (Plan No. 006)
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
PLAN INTEREST PLAN INTEREST
PERCENTAGE IN PERCENTAGE IN
COOPER CAMERON COOPER CAMERON
CORPORATION MASTER TRUST CORPORATION MASTER
FOR DEFINED CONTRIBUTION TRUST FOR DEFINED
PLANS CONTRIBUTION PLANS
FUNDS AT FUNDS AT
DECEMBER 31, 1997 DECEMBER 31 DECEMBER 31, 1996
(NOTES 1 AND 2) 1997 1996 (NOTES 1 AND 2)
------------------------ -------------- -------------- ------------------
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Employer $ 51,473 $ 42,508
Employee 49,655 38,737
-------------- --------------
Total contributions receivable 101,128 81,245
Plan interest in Cooper Cameron Corporation Master
Trust for Defined Contribution Plans
(Notes 1 and 2):
Company Stock Fund 1.216% 1,329,771 - -
Fidelity Growth Company Fund 5.904% 991,647 - -
Fixed Income Fund 12.662% 9,602,347 15,266,907 16.349%
Money Market Fund 1.460% 216,684 - -
Stock Market Fund 2.306% 1,393,916 - -
Vanguard Balanced Index Fund 11.097% 2,077,760 - -
-------------- --------------
Total Plan interest in Master Trust 15,612,125 15,266,907
-------------- --------------
Net assets available for benefits $ 15,713,253 $ 15,348,152
============== ==============
</TABLE>
See accompanying notes.
17
<PAGE> 22
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Missouri City, Texas Facility (Plan No. 007)
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
PLAN INTEREST PLAN INTEREST
PERCENTAGE IN PERCENTAGE IN
COOPER CAMERON COOPER CAMERON
CORPORATION MASTER TRUST CORPORATION MASTER
FOR DEFINED TRUST FOR DEFINED
CONTRIBUTION PLANS CONTRIBUTION PLANS
FUNDS AT FUNDS AT
DECEMBER 31, 1997 DECEMBER 31 DECEMBER 31, 1996
(NOTES 1 AND 2) 1997 1996 (NOTES 1 AND 2)
------------------------ -------------- -------------- ------------------
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Employer $ 36,442 $ 32,337
Employee 34,298 21,982
-------------- --------------
Total contributions receivable 70,740 54,319
Plan interest in Cooper Cameron Corporation Master
Trust for Defined Contribution Plans
(Notes 1 and 2):
Company Stock Fund 1.363% 1,490,548 - -
Fidelity Growth Company Fund 0.880% 147,829 - -
Fixed Income Fund 6.544% 4,962,349 6,817,077 7.205%
Money Market Fund 0.764% 113,309 - -
Stock Market Fund 0.478% 288,840 - -
Vanguard Balanced Index Fund 1.824% 341,529 - -
-------------- --------------
Total Plan interest in Master Trust 7,344,404 6,817,077
-------------- --------------
Net assets available for benefits $ 7,415,144 $ 6,871,396
============== ==============
</TABLE>
See accompanying notes.
18
<PAGE> 23
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
Individual Account Retirement Plan for Hourly-Paid Employees at the
Cooper Cameron Corporation Mount Vernon Plant (Plan No. 008)
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
PLAN INTEREST PLAN INTEREST
PERCENTAGE IN PERCENTAGE IN
COOPER CAMERON COOPER CAMERON
CORPORATION MASTER TRUST CORPORATION MASTER
FOR DEFINED TRUST FOR DEFINED
CONTRIBUTION PLANS CONTRIBUTION PLANS
FUNDS AT FUNDS AT
DECEMBER 31, 1997 DECEMBER 31 DECEMBER 31, 1996
(NOTES 1 AND 2) 1997 1996 (NOTES 1 AND 2)
------------------------ -------------- -------------- ---------------
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Employer $ 112,736 $ 103,310
Employee 104,669 77,441
-------------- --------------
Total contributions receivable 217,405 180,751
Plan interest in Cooper Cameron Corporation Master
Trust for Defined Contribution Plans
(Notes 1 and 2):
Company Stock Fund 2.195% 2,401,523 - -
Fidelity Growth Company Fund 8.690% 1,459,547 - -
Fixed Income Fund 9.833% 7,456,623 13,162,704 13.912%
Money Market Fund 9.004% 1,336,050 - -
Stock Market Fund 3.169% 1,915,658 - -
Vanguard Balanced Index Fund 12.832% 2,402,519 - -
-------------- --------------
Total Plan interest in Master Trust 16,971,920 13,162,704
-------------- --------------
Net assets available for benefits $ 17,189,325 $ 13,343,455
============== ==============
</TABLE>
See accompanying notes.
19
<PAGE> 24
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
Individual Account Retirement Plan for Cooper Cameron Corporation
Hourly Employees, IAM, at the Superior Plant (Plan No. 010)
Statements of Net Assets Available for Benefits
<TABLE>
<CAPTION>
PLAN INTEREST PLAN INTEREST
PERCENTAGE IN PERCENTAGE IN
COOPER CAMERON COOPER CAMERON
CORPORATION MASTER TRUST CORPORATION MASTER
FOR DEFINED CONTRIBUTION TRUST FOR DEFINED
PLANS CONTRIBUTION PLANS
FUNDS AT FUNDS AT
DECEMBER 31, 1997 DECEMBER 31 DECEMBER 31, 1996
(NOTES 1 AND 2) 1997 1996 (NOTES 1 AND 2)
------------------------ -------------- -------------- ------------------
<S> <C> <C> <C> <C>
ASSETS
Contributions receivable:
Employer $ 9,863 $ 18,537
Employee 21,204 10,442
-------------- --------------
Total contributions receivable 31,067 28,979
Plan interest in Cooper Cameron Corporation Master
Trust for Defined Contribution Plans
(Notes 1 and 2):
Company Stock Fund 0.033% 36,512 - -
Fixed Income Fund 3.674% 2,786,425 2,402,981 2.540%
Vanguard Balanced Index Fund 0.091% 16,990 - -
-------------- --------------
Total Plan interest in Master Trust 2,839,927 2,402,981
-------------- --------------
Net assets available for benefits $ 2,870,994 $ 2,431,960
============== ==============
</TABLE>
See accompanying notes.
20
<PAGE> 25
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Buffalo, New York Plant (Plan No. 005)
Statement of Changes in Net Assets Available for
Benefits With Fund Information
Year ended December 31, 1997
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
-------------------------------------------------------------------------
FIDELITY VANGUARD
COMPANY GROWTH FIXED MONEY STOCK BALANCED
STOCK COMPANY INCOME MARKET MARKET INDEX TOTAL
FUND FUND FUND FUND FUND FUND PLAN
---------- -------- ----------- -------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ 29,064 $ 33,524 $ 40,526 $188,533 $ 61,854 $ 58,485 $ 411,986
Employee 46,363 56,260 55,532 185,587 108,484 93,118 545,344
---------- -------- ----------- -------- ---------- ---------- -----------
Total contributions 75,427 89,784 96,058 374,120 170,338 151,603 957,330
Net investment gain from Cooper Cameron
Corporation Master Trust for Defined
Contribution Plans, net of expenses
(Note 2) 145,024 64,879 152,509 11,873 209,351 209,167 792,803
---------- -------- ----------- -------- ---------- ---------- -----------
Total additions 220,451 154,663 248,567 385,993 379,689 360,770 1,750,133
Deductions:
Benefits paid to participants -- -- 139,454 -- -- -- 139,454
Other changes in net assets:
Interfund transfers 835,902 308,197 (3,438,314) 20,980 959,747 1,313,488 --
Net asset withdrawals (Note 5) -- -- (1,243) -- -- -- (1,243)
---------- -------- ----------- -------- ---------- ---------- -----------
Total other changes 835,902 308,197 (3,439,557) 20,980 959,747 1,313,488 (1,243)
---------- -------- ----------- -------- ---------- ---------- -----------
Net increase (decrease) 1,056,353 462,860 (3,330,444) 406,973 1,339,436 1,674,258 1,609,436
Net assets available for benefits
at beginning of year -- -- 4,935,451 -- -- -- 4,935,451
---------- -------- ----------- -------- ---------- ---------- -----------
Net assets available for benefits at
end of year* $1,056,353 $462,860 $ 1,605,007 $406,973 $1,339,436 $1,674,258 $ 6,544,887
========== ======== =========== ======== ========== ========== ===========
</TABLE>
* Ending fund balances include allocated contribution receivables.
See accompanying notes.
21
<PAGE> 26
Cooper Cameron Corporation Selected Individual Account Retirement Plans
Notes to Financial Statements (continued)
Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Grove City Facility (Plan No. 006)
Statement of Changes in Net Assets Available for
Benefits With Fund Information
Year ended December 31, 1997
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
-------------------------------------------------------------------------
FIDELITY VANGUARD
COMPANY GROWTH FIXED MONEY STOCK BALANCED
STOCK COMPANY INCOME MARKET MARKET INDEX TOTAL
FUND FUND FUND FUND FUND FUND PLAN
---------- -------- ----------- -------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ 17,379 $ 18,153 $ 443,054 $ 39,142 $ 19,700 $ 31,789 $ 569,217
Employee 20,659 23,623 242,931 177,812 23,070 42,156 530,251
---------- -------- ------------ -------- ---------- ---------- ------------
Total contributions 38,038 41,776 685,985 216,954 42,770 73,945 1,099,468
Net investment gain from Cooper Cameron
Corporation Master Trust for Defined
Contribution Plans, net of expenses
(Note 2) 51,357 11,359 838,461 3,323 70,049 101,839 1,076,388
---------- -------- ------------ -------- ---------- ---------- ------------
Total additions 89,395 53,135 1,524,446 220,277 112,819 175,784 2,175,856
Deductions:
Benefits paid to participants -- -- 1,732,435 1,410 22,090 -- 1,755,935
Other changes in net assets:
Interfund transfers 1,247,847 945,566 (5,477,258) 58,248 1,310,901 1,914,696 --
Net asset withdrawals (Note 5) -- -- (54,820) -- -- -- (54,820)
---------- -------- ------------ -------- ---------- ---------- ------------
Total other changes 1,247,847 945,566 (5,532,078) 58,248 1,310,901 1,914,696 (54,820)
---------- -------- ------------ -------- ---------- ---------- ------------
Net increase (decrease) 1,337,242 998,701 (5,740,067) 277,115 1,401,630 2,090,480 365,101
Net assets available for benefits at
beginning of year -- -- 15,348,152 -- -- -- 15,348,152
---------- -------- ------------ -------- ---------- ---------- ------------
Net assets available for benefits at
end of year* $1,337,242 $998,701 $ 9,608,085 $277,115 $1,401,630 $2,090,480 $ 15,713,253
========== ======== ============ ======== ========== ========== ============
</TABLE>
* Ending fund balances include allocated contribution receivables.
See accompanying notes.
22
<PAGE> 27
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
Individual Account Retirement Plan for Bargaining Unit Employees at the
Cooper Cameron Corporation Missouri City, Texas Facility (Plan No. 007)
Statement of Changes in Net Assets Available for
Benefits With Fund Information
Year ended December 31, 1997
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
--------------------------------------------------------------------------
FIDELITY VANGUARD
COMPANY GROWTH FIXED MONEY STOCK BALANCED
STOCK COMPANY INCOME MARKET MARKET INDEX TOTAL
FUND FUND FUND FUND FUND FUND PLAN
----------- --------- ----------- --------- --------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ 16,605 $ 3,598 $ 351,496 $ 50,367 $ 5,211 $ 6,180 $ 433,457
Employee 27,024 8,500 170,856 124,800 10,144 12,034 353,358
----------- --------- ----------- --------- --------- -------- -----------
Total contributions 43,629 12,098 522,352 175,167 15,355 18,214 786,815
Net investment gain from Cooper Cameron
Corporation Master Trust for Defined
Contribution Plans, net of expenses
(Note 2) 18,211 2,576 387,738 1,592 19,109 22,412 451,638
----------- --------- ----------- --------- --------- -------- -----------
Total additions 61,840 14,674 910,090 176,759 34,464 40,626 1,238,453
Deductions:
Benefits paid to participants -- -- 649,475 438 -- -- 649,913
Other changes in net assets:
Interfund transfers 1,442,934 135,750 (2,133,707) (15,876) 267,142 303,757 --
Net asset withdrawals (Note 5) (7,147) (492) (26,992) -- (10,161) -- (44,792)
----------- --------- ----------- --------- --------- -------- -----------
Total other changes 1,435,787 135,258 (2,160,699) (15,876) 256,981 303,757 (44,792)
----------- --------- ----------- --------- --------- -------- -----------
Net increase (decrease) 1,497,627 149,932 (1,900,084) 160,445 291,445 344,383 543,748
Net assets available for benefits at
beginning of year -- -- 6,871,396 -- -- -- 6,871,396
----------- --------- ----------- --------- --------- -------- -----------
Net assets available for benefits at
end of year* $ 1,497,627 $ 149,932 $ 4,971,312 $ 160,445 $ 291,445 $344,383 $ 7,415,144
=========== ========= =========== ========= ========= ======== ===========
</TABLE>
* Ending fund balances include allocated contribution receivables.
See accompanying notes.
23
<PAGE> 28
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
Individual Account Retirement Plan for Hourly-Paid Employees
at the Cooper Cameron Corporation Mount Vernon Plant (Plan No. 008)
Statement of Changes in Net Assets Available for
Benefits With Fund Information
Year ended December 31, 1997
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
------------------------------------------------------------------------------
FIDELITY VANGUARD
COMPANY GROWTH FIXED MONEY STOCK BALANCED
STOCK COMPANY INCOME MARKET MARKET INDEX TOTAL
FUND FUND FUND FUND FUND FUND PLAN
----------- ----------- ------------ ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ 51,210 $ 100,097 $ 112,421 $ 903,223 $ 110,716 $ 136,070 $ 1,413,737
Employee 55,400 107,400 147,682 647,755 137,675 173,873 1,269,785
----------- ----------- ------------ ----------- ----------- ----------- ------------
Total contributions 106,610 207,497 260,103 1,550,978 248,391 309,943 2,683,522
Net investment gain from Cooper
Cameron Corporation Master Trust
for Defined Contribution Plans,
net of expenses (Note 2) 437,815 166,035 516,701 39,693 364,110 386,108 1,910,462
----------- ----------- ------------ ----------- ----------- ----------- ------------
Total additions 544,425 373,532 776,804 1,590,671 612,501 696,051 4,593,984
Deductions:
Benefits paid to participants 61,629 226 468,104 8,431 2,281 9,700 550,371
Other changes in net assets:
Interfund transfers 1,939,092 1,114,980 (6,020,230) (122,691) 1,335,368 1,753,481 --
Net asset withdrawals (Note 5) (7,737) (11,319) (149,778) (10,964) (8,306) (9,639) (197,743)
----------- ----------- ------------ ----------- ----------- ----------- ------------
Total other changes 1,931,355 1,103,661 (6,170,008) (133,655) 1,327,062 1,743,842 (197,743)
----------- ----------- ------------ ----------- ----------- ----------- ------------
Net increase (decrease) 2,414,151 1,476,967 (5,861,308) 1,448,585 1,937,282 2,430,193 3,845,870
Net assets available for benefits at
beginning of year -- -- 13,343,455 -- -- -- 13,343,455
----------- ----------- ------------ ----------- ----------- ----------- ------------
Net assets available for benefits
at end of year* $ 2,414,151 $ 1,476,967 $ 7,482,147 $ 1,448,585 $ 1,937,282 $ 2,430,193 $ 17,189,325
=========== =========== ============ =========== =========== =========== ============
</TABLE>
* Ending fund balances include allocated contribution receivables.
See accompanying notes.
24
<PAGE> 29
Cooper Cameron Corporation Selected Individual
Account Retirement Plans
Notes to Financial Statements (continued)
Individual Account Retirement Plan for Cooper
Cameron Corporation Hourly Employees, IAM, at the
Superior Plant (Plan No. 010)
Statement of Changes in Net Assets Available for
Benefits With Fund Information
Year ended December 31, 1997
<TABLE>
<CAPTION>
PARTICIPANT-DIRECTED
--------------------------------------------------------------
FIDELITY VANGUARD
COMPANY GROWTH FIXED MONEY STOCK BALANCED
STOCK COMPANY INCOME MARKET MARKET INDEX TOTAL
FUND FUND FUND FUND FUND FUND PLAN
------- ---- ----------- ------- ---- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Additions:
Contributions:
Employer $ -- $ 59 $ 220,650 $ 9,552 $ 56 $ 104 $ 230,421
Employee -- 60 126,665 20,405 62 334 147,526
------- ---- ----------- ------- ---- ------- -----------
Total contributions -- 119 347,315 29,957 118 438 377,947
Net investment gain from Cooper Cameron
Corporation Master Trust for
Defined Contribution Plans, net
of expenses (Note 2) 963 -- 167,772 -- -- 36 168,771
------- ---- ----------- ------- ---- ------- -----------
Total additions 963 119 515,087 29,957 118 474 546,718
Deductions:
Benefits paid to participants -- -- 77,422 -- -- -- 77,422
Other changes in net assets:
Interfund transfers 35,549 -- (52,503) -- -- 16,954 --
Net asset withdrawals (Note 5) -- -- (30,262) -- -- -- (30,262)
------- ---- ----------- ------- ---- ------- -----------
Total other changes 35,549 -- (82,765) -- -- 16,954 (30,262)
------- ---- ----------- ------- ---- ------- -----------
Net increase 36,512 119 354,900 29,957 118 17,428 439,034
Net assets available for benefits
at beginning of year -- -- 2,431,960 -- -- -- 2,431,960
------- ---- ----------- ------- ---- ------- -----------
Net assets available for benefits
at end of year* $36,512 $119 $ 2,786,860 $29,957 $118 $17,428 $ 2,870,994
======= ==== =========== ======= ==== ======= ===========
</TABLE>
* Ending fund balances include allocated contribution receivables.
See accompanying notes.
25
<PAGE> 30
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act
of 1934, the members of the Plan Administration Committee have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
INDIVIDUAL ACCOUNT RETIREMENT PLAN FOR COOPER
CAMERON CORPORATION HOURLY EMPLOYEES, IAM,
AT THE SUPERIOR PLANT
/s/ Thomas R. Hix
- -----------------------------------------
By: Thomas R. Hix
Member of the Plan Administration
Committee
Date: June 29, 1998
26
<PAGE> 31
INDEX TO EXHIBITS
EXHIBIT
NUMBER
------
23 Consent of Ernst & Young LLP
<PAGE> 1
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement on
Form S-8 filed on June 29, 1998, pertaining to the Individual Account Retirement
Plan For Cooper Cameron Corporation Hourly Employees, IAM, at the Superior Plant
of our report dated June 29, 1998 with respect to the financial statements of
the Individual Account Retirement Plan For Cooper Cameron Corporation Hourly
Employees, IAM, at the Superior Plant included in this Annual Report (Form 11-K)
for the year ended December 31, 1997.
Ernst & Young LLP
June 29, 1998
Houston, Texas
27
